Wall Street Stocks Waver Amid Oil Price Drop and Inflation Fears
Stocks on Wall Street had a mixed finish on Friday as oil prices dropped for the first time in a week. The S&P 500 index rose just 3.68 points to 7,411.98, its second consecutive losing week since March.
The Dow Jones Industrial Average increased by 235.60 points to 51,947.25, while the Nasdaq fell 161.87 points to 24,975.82 due to sharp losses from tech stocks like Micron Technology and Broadcom.
The decline in oil prices was attributed to heavy fighting in the Middle East, which has been a concern for Wall Street all week. Brent crude dropped 3.9% to $96.78, its first decrease since the Iran war began in late February.
The Trump administration's new tariffs on dozens of nations also weighed on markets, with investors worried about rising inflation and its impact on company profits.
Paul Magnesio, an options trader, was seen working on the floor of the New York Stock Exchange as investors contended with these pressures.